-
Foreclosure Truth #12
The desire to be a homeowner is so strong that owners in foreclosure often say they'd rather die than lose their home. Those who understand this will realize that affordability is more important than appreciation.
Foreclosure backlog keeps building
08/11/2009
July stats from ForeclosureRadar show that the backlog of California homes in default, but not yet repossessed, keeps growing.
At some point, many of these properties will be repossessed and put back on the market. Some may be kept by the current owners through loan modifications, but that hasn't happened much so far. Until then, they remain clogging the system as "shadow inventory," most likely to be foreclosed and sold again.